Apparel exports earn $9 Bln in first ten months

The textile and garment sector’s export value is expected to earn US$9.16 billion during the first ten months, according to the Vietnam Textile and Apparel Association.

The industry is likely to surpass its scheduled $10.5 billion benchmark for the year.

The sector’s good performance is attributed to a rise in orders from Vietnam’s traditional giant importers including the US, the EU bloc, Japan and Russia.

According to the Vietnam Textile and Apparel Association, Vietnam’s textile and garment shipments to the US made up 55% of the industry’s export value in October.

This month also saw export growth to the European market up 7% after sluggishness for several months affected by the financial crisis in Greece.

While other markets have kept accelerating during the period. The country’s export value to Japan increased 14.7% and Russia by 5%.

To fulfill the target of $19 billion from exports by 2015 and $25 billion by 2020, the garment sector is actively implementing programs related to cotton cultivation to increase domestic supplies and develop human resources to meet the increasing demands of the sector.

The sector is also promoting its trademark and setting up distribution networks nationwide to take a firm foothold in the domestic market.- Tuoitrenews

Tags: Vietnam Apparel Exports